More bad economic news.
The US economy shrank 1.6% in the first quarter of 2022.
The U.S. economy shrank at a 1.6% annual pace in the first three months of the year even though consumers and businesses kept spending at a decent pace, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter.
It was the first drop in gross domestic product — the broadest measure of economic output — since the second quarter of 2020, in the depths of the COVID-19 recession, and followed a strong 6.9% expansion in the final three months of 2021. Inflation is running at 40-year highs, and consumer confidence is sinking.
The 6.9% expansion of U.S. gross domestic product (GDP) in the final quarter of 2021 was the fastest growth for the U.S. economy in 40 years.
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